NFTs are digital currencies that are making waves on the internet. If you are not involved in cryptocurrency there is a good possibility that you’ve not been paying attention to the current trends.
NFTs (cryptocurrencies) and cryptocurrencies are closely connected. Before you can find out the ways people earn money with NFTs, let’s first define the distinctions between NFTs.
NFTs represent tokens that are non-fungible. They are digitally encoded assets that can range from artworks like paintings, to other things like songs, ebooks videos, photographs, and so much more.
Each NFT is distinct and comes with an individual code that makes each token unique.
Digital digital assets are cryptocurrency. It is a type of currency or money that is not controlled by the government . It can be used to purchase and selling in online marketplaces.
The primary difference between cryptocurrency and NFTs
NFTs and cryptocurrency are created using the same technology. However, their major difference is the possibility of fungibility. Just like your regular money the crypocurrecies are also flexible. This means that they are able to be exchanged so long as the currencies involved are valued based on their value at various levels.
Non-fungible NFTs cannot be traded. This means they can’t be exchanged similar to cryprocurrecies as each is unique, with its own unique digital identity. There aren’t any two NFTs alike.
These are some of the many ways you can make money with NFTs.
NFTs are well-known due to their trend. However there are plenty of opportunities to make a lot of money if consider it seriously. These are proven strategies to earn income from NFTs.
- NFT games (play-2 earn)
It’s a fantastic way to earn money even if you’re already a good gamer. If you’re not into games, think of this as an opportunity for you to earn money while having fun.
You could win tokens for your skills in role-playing games. There is also the possibility of robbing banks and steal a lot of cash. This NFT equivalent is yours in real world.
Many players are making huge profits winnings in games with this feature. NFT games will be around for a while, so you are welcome to join in.
- Buy low, sell high
Most people describe this method of earning money through NFTs as flipping , as it’s typically a short term deal. An NFT is a good investment to purchase at a very low price and then held for a while until the value of the NFT increases.
Depending on how much the NFT is worth, you can make anywhere between 10% and 100% profits. In fact, there are situations where you may achieve more than 100% profit when you flip an NFT.
It all depends on the NFT’s functionality, general appeal, popularity and other aspects in the NFT market.
- Put your money into businesses that are NFT-related
Many companies are now incorporating crypto and NFT into their offerings as they have witnessed the growth of its value and earnings.
You can make profit by investing in such firms and reaping a high ROI for yourself. This is a sure method of earning passive income.
- Keep your NFTs in a safe place
It’s likely you’ll be thinking “hodling” is a wrong spelling of “holding” is a bad spelling if you aren’t familiar with crypto trading. Crypto traders will explain that they will hold their token until it is of a valuable value.
In NFTs the flipping process is similar to hodling. However, in this case, it is not a short-term approach. To make money by hodling, buy your preferred NFT, and don’t offer it for sale no matter what.
A lot of people believe that this is the best approach because when you eventually sell off the NFT the token will be worth millions more than the original value that you acquired it. It’s no wonder that it’s the most popular form of making money with tokens today.
Be patient when you HODL. A lot of things could make you want sell at the wrong moment. It might take years to reap from this method however, it’s worth it.
- It is a good idea to invest in NFTs that are newly created
While most NFTs aren’t worth much when they’re first introduced but over time, their value will rise and many people will want to buy NFTs.
When you are able to identify new NFTs that are expected to increase by the day, you’ll be in a position to invest smartly and buy them at an affordable cost when compared to the price they could be in a matter of months.
For example, between 2017 and 2021, cryptoPunks NFT increased from 34 dollars up to 24 million dollars. If you choose to invest in the next round of cryptoPunks you will be able to smile at your bank account and earn money with NFTs.
- Make your own NFT
By using this method it is possible to create your own NFT and then put it up for sale. Instead of purchasing an NFT to earn money, you will be making an NFT for others to purchase which means you earn money.
You can make a NFT no matter what your level of skill.
start by digitizing your creation. You can digitize almost any type of art work, like songs, paintings ebook, video, or even a food recipe. Once your asset has been digitized, it will be put on the blockchain and trade in any of the NFT marketplaces.
If you are creative then this is the choice to consider as you have all it takes to mint the next NFT which could fetch millions.